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Corporación Multi Inversiones (CMI), a multi-Latin family corporation with a 104-year legacy, operations in 16 countries in Latin America and the United States and more than 50,000 employees, has entered into an agreement to acquire a majority equity interest with Del Real Foods (Del Real), a leading Hispanic prepared foods company owned by private equity firm Palladium Equity Partners, LLC (Palladium) and the Cardenas family, founders of the business.
Both the Cardenas family and Palladium will maintain a minority stake in Del Real along with CMI. It is worth mentioning that, Palladium acquired its stake in Del Real in 2016. The transaction is currently undergoing the customary regulatory review process.
Juan José Gutiérrez, Chairman and CEO of CMI Alimentos, said: “As a family business that began with the dream of ‘Don Juanito’, my grandfather, in a small town in Guatemala 104 years ago, we are immensely proud to continue our legacy of growth and success, with thousands of great stories to tell. After 22 years in the United States with Pollo Campero, this investment in Del Real Foods, along with our new partners, the Cardenas family and Palladium, significantly expands our presence in this geography, giving CMI a unique position to continue its growth plan in the U.S. market. We remain deeply committed to investing in all the countries and communities that have supported our journey and watched us grow, as we forge the path for future success over the next century, realizing our purpose: ‘We create, with family warmth, opportunities that change lives”.
Del Real Foods, with manufacturing facilities in Mira Loma, California and Moore, Oklahoma, is a leading Hispanic food brand and pioneer in authentic food solutions, prepared products, snacks and sides that deliver flavor, quality and convenience. The company distributes its products in club, retail, foodservice and wholesale channels throughout the United States. With this strategic investment, CMI consolidates its position in the U.S. market, further diversifying its portfolio while strengthening its operations and its commitment to offer high-quality products to its customers.
José Gregorio Baquero, CEO of CMI Alimentos, commented: “We are excited about the journey ahead with Del Real Foods, a company that shares our commitment to offer high quality products that are preferred by consumers and represent the values of our culture. We thank the Cardenas family and Palladium for their invaluable support in bringing this alliance to fruition, which will strengthen our presence in the United States and open up new opportunities for expansion. The “secret sauce” behind CMI’s success is that we are a family-owned company, which allows us to focus on a long-term vision centered on the well-being of our people and on building lasting relationships with our partners and consumers.
Michael Axelrod, CEO of Del Real Foods, expressed his appreciation for the CMI and Palladium alliance, noting, “During our time together, Del Real has experienced substantial growth and transformation, solidifying our position in the marketplace”, he added: “We are delighted to write a new chapter with CMI, which will provide exceptional opportunities for Del Real Foods. Leveraging CMI’s strengths will undoubtedly allow us to offer our consumers even more value and provide greater empowerment to our associates”.
Justin Green, partner and co-head of Flagship Funds at Palladium, noted, “Palladium is extremely proud of the results achieved with Del Real Foods, particularly the remarkable growth and acceleration over the past three years. We would like to express our deep appreciation to the entire leadership team, including CEO Michael Axelrod and President and CFO Manuel Martinez, the Cardenas family and President Giannella Alvarez, for an incredible partnership. We are confident that Del Real will continue to prosper and grow with CMI, and we are excited to remain a minority investor in the company
Marcos Rodriguez, Palladium’s chairman and chief executive officer, added, “Over the past 27 years, we have generated superior returns for our investors by partnering with visionary founders, entrepreneurs and business leaders such as the Cardenas family, and now, the Gutierrez and CMI families. We believe that CMI, with its valuable legacy and great accomplishments in Latin America and the United States, is a perfect fit for Del Real. The transaction represents the third sale of the 2024 portfolio, a total of more than $1 billion for our funds, making 2024 the largest distribution year in Palladium’s history”.
The Cardenas family says, “Since 1957, we have been dedicated to offering the rich flavors of our traditions and the warmth of home to our customers through the best recipes of our Hispanic cuisine. We are grateful to Palladium for their collaboration in the expansion of Del Real. This new alliance with CMI, a family-owned corporation, represents a wonderful opportunity to continue our legacy. We warmly welcome the CMI family and look forward to growing our business together”.
For CMI, this investment represents an important milestone as the United States becomes its second most relevant geography with the largest commercial footprint, along with the aggressive expansion of its Pollo Campero restaurant chain. As CMI, Del Real Foods and Palladium join together to build a common future, they are committed to preserving their delicious culinary heritages and innovating to meet the changing tastes of modern consumers. This alliance will strengthen the overall consumer experience by offering a broader range of high-quality slow-cooked meats, as well as sauces, side dishes and homemade snacks, while expanding their market presence.
